Challenger Energy Corp. Releases Third Quarter 2008 Financial Results
November 13 2008 - 9:14AM
Marketwired
Challenger Energy Corp. ("Challenger Energy") (TSX VENTURE: CHQ)
(AMEX: CHQ) is pleased to announce the release of its third quarter
2008 financial results. As at September 30, 2008, Challenger Energy
has funded $45.6 million towards its exploration activities in
Trinidad and Tobago and has accrued an additional $31.9 million in
obligations on drilling work completed to September 30, 2008 on the
Block 5(c) exploration program. With the successful closing of a
$30 million equity financing on October 2, 2008, along with cash on
hand, all incurred expenditures to September 30, 2008, aggregating
to $77.5 million have been funded. In addition, the Company has
arranged a $14 million short term bridge facility. The
"Management's Discussion and Analysis" and financial statements for
the quarter ended September 30, 2008, can be viewed in its entirety
on SEDAR (System for Electronic Document Analysis and Retrieval,
www.sedar.com).
Challenger Energy Corp. is a Calgary, Alberta, Canada based oil
and gas exploration company which is currently focusing on "high
impact" oil and gas plays offshore the Republic of Trinidad and
Tobago. See www.challenger-energy.com for information on
Challenger.
This news release contains forward-looking information,
including estimates, projections, interpretations, prognoses and
other information that may or relates to future production,
resource potential and/or reserves, project start-ups and future
capital spending. Actual results, estimates, projections, resource
potential and/or reserves, interpretations, prognoses and/or
estimated results could differ materially due to changes in project
schedules, operating performance, demand for oil and gas,
commercial negotiations or other technical and economic factors or
revisions. This news release may contain the reference to the term
"undiscovered natural gas resources", which are those quantities of
natural gas estimated to be contained in accumulations yet to be
discovered. There is no certainty that any portion of undiscovered
resources will be discovered and that, if discovered, in this or
any other discovery, the discovered resource may not be
economically viable or technically feasible to produce.
Statements contained in this news release relating to future
results, events and expectations are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended and Section 21E of the Securities Exchange Act of 1934, as
amended. These forward-looking statements involve known and unknown
risks, uncertainties, scheduling, re-scheduling and other factors
which may cause the actual results, performance, estimates,
projections, resource potential and/or reserves, interpretations,
prognoses, schedules or achievements of the Corporation, or
industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
statements. Such factors include, among others, those described in
the Corporations' annual reports on Form 20-F on file with the U.S.
Securities and Exchange Commission.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Challenger Energy Corp. Dan MacDonald CEO and
President (403) 503-8810 (403) 503-8811 (FAX) Challenger Energy
Corp. Suite 200, 744 - 4th Avenue S.W. Calgary, Alberta, Canada T2P
3T4 Website: www.challenger-energy.com